Insurance alliance, SambaSafety release report on telematics use

Nearly three-quarters of commercial insurance companies offer or plan to offer a telematics-based product

Insurance alliance, SambaSafety release report on telematics use

Motor & Fleet

By Ryan Smith

The National Alliance for Insurance Education and Research and SambaSafety, a provider of cloud-based risk management solutions, have partnered to release a report that focuses on the growing role of telematics in the insurance sector.

“In this dynamic era, when data steers our choices, it’s crucial for the insurance industry to remain informed, proactive and tactical,” said Paul Martin, director of academic content for the National Alliance. “The report not only captures the current industry sentiments, but also provides a roadmap for the future. It encapsulates the evolving storyline of insurance, fueled by data, insights, and modern technology.”

The report includes information on how carriers and brokers are utilizing telematics in both commercial and personal lines. Among the report’s key findings:

  • 72% of commercial insurance companies already offer or plan to offer a telematics-based product
  • One-third of commercial auto respondents plan to launch a usage-based insurance product within the next one to two years
  • 15% of broker respondents said they offered telematics value-added services
  • There are unique challenges for commercial carriers using telematics data, with the largest hurdles identified as varying data formats (53%), resource constraints (32%) and compliance/processing data (21%)

Read next: The insurance future is AI – but not without the human touch

SambaSafety also announced an expansion of its integration footprint with the addition of three leading telematics service providers (TSPs): Verizon, Lytx, and Motive.

“We enable insurers to accelerate time to value for their telematics programs by aggregating and enriching data from multiple TSPs,” said Rich Lacey, chief product officer at SambaSafety. “The depth and breadth of our coverage allow us to support nearly 50% of connected commercial vehicles on US roads today.”

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